FIA summons F1 teams to cost cutting meeting

The FIA has called an urgent meeting to discuss ways to reduce costs in Formula 1 following a World Motor Sport Council meeting on Friday.

The governing body will meet with Bernie Ecclestone and representatives from all 11 teams on May 1st in a bid to agree on several measures to bring costs down, after the FIA abandoned attempts to introduce a budget cap for 2015.

The decision to drop the budget cap has been met with some criticism from smaller teams which are struggling to compete with those larger outfits which are against the idea.

However the FIA hopes to find alternative ways of making F1 more affordable.

"The FIA, the Commercial Rights Holder (CRH), and all the F1 teams have recently confirmed their commitment to work on cost reduction," read a statement.

"Accordingly, the FIA President Jean Todt and the CRH Bernie Ecclestone will organise a meeting with all the F1 teams on 1 May 2014, followed by a F1 Strategy Group meeting, to clarify the means to achieve a substantial F1 Team cost reduction."

The statement also confirmed news that the FIA will investigate ways of increasing the sound coming from the new V6 engines.

"As already announced, a study on engine noise is under way with preliminary results expected shortly."